KELOWNA, BC, March 21, 2012 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is pleased to report the recent progress on several of its projects.
Morocco Multi-Commodity Project
In Morocco the Company is pleased to report that the airborne magnetic and radiometric survey is now complete. This survey covered virtually the entire 17,100 square kilometer license over which an extensive geochemical survey indicated the potential for a variety of commodities. A total of 88,146 line kilometers were flown and the final survey reports should be complete at the end of March.
Angola Diamond Project
A third target is now being tested at the Company's Angolan project. The current drill program is focused on testing large geophysical anomalies in the immediate proximity of the Cuango River, which downstream has large alluvial diamond deposits which are being mined.
A third anomaly (MB04), estimated at 18 hectares based on its geophysical signature has now been field confirmed as a kimberlite as a part of this program. Initially a vertical core hole (LDH009-1) encountered sandstone at 4.3 meters before intersecting potential kimberlite from 8.2 to 9.8 meters, 15.8 to 48.5 meters and from 431.9 to 434.3 meters. Intervening sections comprised sandstone and mudstone which is interpreted to represent crater infill. Sandstone was also intercepted below the last kimberlitic intersection to the end of hole at 594.7 meters. Core from this hole is en route to Canada by DHL air cargo.
A second inclined hole (LDH009-2) is now underway and is being drilled from the same location as LDH009-1 but is inclined at -50 degrees towards an azimuth of 318 degrees. Sandstone was intersected at a depth of 4.3 to 18.0 meters where interpreted kimberlite was intersected until 65.8 meters. The hole then re-entered sandstone which is interpreted to represent crater infill to the present depth of drilling at 206.3 meters.
Core from hole LDH006 which tested the 7 hectare MB02 anomaly is currently being processed by the C.F. Minerals laboratory for diamonds and diamond indicator minerals.
U2 Diamond Project
Through the remainder of 2012 the Company will be completing the preparatory work for the upcoming 10,000 ton bulk sample of the U2 kimberlite.
The proposed bulk sample is to be collected by 48 large diameter (60cm) reverse circulation holes and the kimberlite from the holes will be processed at a plant on site. This plant is being custom designed to meet the specifications of the U2 kimberlite. The processing plant, drill and all other supplies needed for the program will be mobilized to site in early 2013 by winter road.
Drilling and processing of the bulk sample are expected to take approximately one year. This will allow the drill and unneeded equipment to be demobilized by winter road the following winter.
AMEC Environment and Infrastructure ("AMEC") was contracted in September, 2011 to complete the permitting required for the program and this is well underway. AMEC has also commenced environmental baseline studies for the project area.
Metalex and Dundee Corporation are now completing the Earn In Agreement.
The Company also announces that Dundee Corporation has advanced the $5,000,000 convertible loan forming part of the larger transaction involving the development of the U2 kimberlite pipe, as more particularly detailed in the Company's January 20, 2012 news release. Any shares issued on conversion of the loan would be subject to a hold period expiring June 1, 2012
The U2 kimberlite pipe is a highly prospective diamond development project located in the James Bay Lowlands of Ontario, near De Beers' Victor Mine. Diamonds recovered from the U2 pipe are of exceptional quality - with 88.8% by weight of the +1.7mm diamonds being white and 1.1% being colored. The large 9.3 hectare U2 pipe shows the potential to host a substantial tonnage.
The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.
Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Metalex undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Chad Ulansky, President & CEO, +250-860-8599, [email protected]